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Email this11:44 am
September 24, 2019
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I have the max under CIDC with motive in non-registered GIC's, one fairly large non-registered GIC with CWT left and just under half of my RRIF's are with CWB.
Went into CWB downtown yesterday to collect funds from a matured GIC with CWT.
They said they aren't sure if they'll be keeping their jobs or even if the actual bank is going to stay. They appear to be in the dark.
One RRIF GIC is maturing next month and the other one matures on the same day next year. Probably I'll do a one yr GIC for the 2025 one and then have them both put into the Westearner (if they still have it) account next year on maturity. Then I think I'll transfer all those funds over to Tangerine where I currently hold a small RRIF.
The other half of RRIFs are pretty well with Oaken Home Trust but don't want to put it all with them? I know I could divide funds into H.T & H.B. Just not sure what to do. All with H.T & H.B or half with Tangerine.
I have heard via e-mail from both Motive and CWB but nothing from CWT yet.
Any opinions?
5:30 pm
December 18, 2024
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While I am not sure of CWT, CWB, and Motive of how they relate to each other or if they each have $100,000 CDIC coverage.
Do any have a fee to move out RRIF money?
We have RRIF at Oaken. Wife has $ in HT and I have $ in HB.
At one time we both had funds in both. But I neglected to do some good estate planning I later realized that one of us could end with over $100,000 in the account. Oaken was good enough to move not yet matured RRIF GICS out of HT to HB. That is each with all of our RRIF $ only in one account only.
The only thing I don’t like about oaken RRIFs is …. Taking extra withdrawals is cumbersome and that they don’t have an RRIF savings account.
So as much as I dislike Hubert, I still have RRIF $ there from years ago. And is much easier to take extra $ out. And the quarterlies offer some nice flexibility to manoeuvre money to be available, as per plan. So what I am saying …… I need flexibility on my RRIF $ that Oaken can’t provide.
Go 1/3, 1/3, 1/3? What flexibilities do you need, now or later? Then go for it.
5:32 pm
March 15, 2019
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Alexandra said
I have the max under CIDC with motive in non-registered GIC's, one fairly large non-registered GIC with CWT left and just under half of my RRIF's are with CWB.Went into CWB downtown yesterday to collect funds from a matured GIC with CWT.
They said they aren't sure if they'll be keeping their jobs or even if the actual bank is going to stay. They appear to be in the dark.One RRIF GIC is maturing next month and the other one matures on the same day next year. Probably I'll do a one yr GIC for the 2025 one and then have them both put into the Westearner (if they still have it) account next year on maturity. Then I think I'll transfer all those funds over to Tangerine where I currently hold a small RRIF.
The other half of RRIFs are pretty well with Oaken Home Trust but don't want to put it all with them? I know I could divide funds into H.T & H.B. Just not sure what to do. All with H.T & H.B or half with Tangerine.I have heard via e-mail from both Motive and CWB but nothing from CWT yet.
Any opinions?
I haven't heard from Tang in quite a while (and Simplii even longer), have you?
6:47 pm
September 24, 2019
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GIC-Fanatic said
While I am not sure of CWT, CWB, and Motive of how they relate to each other or if they each have $100,000 CDIC coverage.Do any have a fee to move out RRIF money?
We have RRIF at Oaken. Wife has $ in HT and I have $ in HB.
At one time we both had funds in both. But I neglected to do some good estate planning I later realized that one of us could end with over $100,000 in the account. Oaken was good enough to move not yet matured RRIF GICS out of HT to HB. That is each with all of our RRIF $ only in one account only.The only thing I don’t like about oaken RRIFs is …. Taking extra withdrawals is cumbersome and that they don’t have an RRIF savings account.
So as much as I dislike Hubert, I still have RRIF $ there from years ago. And is much easier to take extra $ out. And the quarterlies offer some nice flexibility to manoeuvre money to be available, as per plan. So what I am saying …… I need flexibility on my RRIF $ that Oaken can’t provide.
Go 1/3, 1/3, 1/3? What flexibilities do you need, now or later? Then go for it.
Pretty well every bank charges to move a RRIF or any registered funds out to another institution but the receiving one is free. Motive and CWB are insured as one, i.e. only $100K between them for everything. CWT is separately covered. That is why I have unregistered GIC's with CWT because maxed out between CWB and Motive.
I am unsure of what National Bank will do once they have completed the takeover I presume they are taking over CWT as well as Motive/CWB. I guess if a person has funds in one category with all three, they would somehow be compelled to honour the $100K separate coverage with CWT.
6:48 pm
September 24, 2019
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COIN said
I haven't heard from Tang in quite a while (and Simplii even longer), have you?
Heard about what?
7:08 pm
December 18, 2024
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Alexandra said
Pretty well every bank charges to move a RRIF or any registered funds out to another institution but the receiving one is free. Motive and CWB are insured as one, i.e. only $100K between them for everything. CWT is separately covered. That is why I have unregistered GIC's with CWT because maxed out between CWB and Motive.
I am unsure of what National Bank will do once they have completed the takeover I presume they are taking over CWT as well as Motive/CWB. I guess if a person has funds in one category with all three, they would somehow be compelled to honour the $100K separate coverage with CWT.
Hubert has no fee to transfer out RRIF or TFSA
Oaken has no fee to transfer out RRIF or TFSA
People’s has no fee to transfer out TFSA …. not sure if they have RRIF.
8:14 pm
September 24, 2019
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GIC-Fanatic said
Hubert has no fee to transfer out RRIF or TFSA
Oaken has no fee to transfer out RRIF or TFSA
People’s has no fee to transfer out TFSA …. not sure if they have RRIF.
I stand to be corrected!! I've never transferred a TFSA before but have RRIF's.
Once from CIBC (naturally!!) and once from Tangerine. It was quite some time ago and I think they both charged about $50 at the time. I have read that often an institution will volunteer to pay the charge if you move the funds to them.
2:19 am
November 18, 2017
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Because they don't charge TFSA transfer-out fees, neither Oaken nor Peoples will pay such charges for incoming funds transfers. And those fees are soaring - most over $150 now! Plan for that end-of-year maneuver now!
RetirEd
5:07 am
February 6, 2019
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Not able to transfer out from Motive using an existing linked account (which I am pretty sure that it worked before).
I have only a few dollars left in my Motive account. I tried to transfer it out, into a linked account. This is what I got:
There appears to be a problem in processing your request. Please contact your Branch
Because we are talking about a very small amount, I will not bother. But I am wonderig if it is just me.
9:11 am
January 12, 2019
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.
After the official take-over announcement (and having No interest in dealing with the likes of the NBoC), I woulda got Out of Motive right away. But I have one last Motive GIC that doesn't mature until May of next year. 
All I can wonder is ... what kind of Nightmare(s) await me (and others)❓
- Dean
" Live Long, Healthy ... And Prosper! "
10:53 am
September 24, 2019
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Dean said
.
After the official take-over announcement (and having No interest in dealing with the likes of the NBoC), I woulda got Out of Motive right away. But I have one last Motive GIC that doesn't mature until May of next year.All I can wonder is ... what kind of Nightmare(s) await me (and others)❓
Dean
OMG. I have stuff trinkling in with them until October 2030!!
I see CWT funds will be under National Trust .... so separate entity from National Bank.
4:55 am
January 9, 2011
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rk said
Not able to transfer out from Motive using an existing linked account (which I am pretty sure that it worked before).
I have only a few dollars left in my Motive account. I tried to transfer it out, into a linked account. This is what I got:There appears to be a problem in processing your request. Please contact your Branch
Because we are talking about a very small amount, I will not bother. But I am wonderig if it is just me.
That's what I experienced too however the linked account transfer still works, its just that they have a minimum transfer amount (might be $ 10-, can't recall).
I phoned them about it. They said just use Interac transfer to yourself for small amounts, and it worked with no fee.
I also wanted to get my account balances with them down to just pennies and then perform the transfer over to National when it happens, just to spectate. 😉
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
6:10 am
March 15, 2019
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Alexandra said
Heard about what?
Promos.
6:15 am
March 15, 2019
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Alexandra said
I am unsure of what National Bank will do once they have completed the takeover I presume they are taking over CWT as well as Motive/CWB. I guess if a person has funds in one category with all three, they would somehow be compelled to honour the $100K separate coverage with CWT.
It's not unusual for a bank to have several related entities covered by CDIC as well. See BNS as an example.
https://www.scotiabank.com/ca/en/personal/bank-accounts/canada-deposit-insurance-corporation/deposit-product-list.html
9:14 am
April 6, 2013
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Alexandra said
…
I see CWT funds will be under National Trust .... so separate entity from National Bank.
That isn't clear from the trust company announcement whether the Canadian Western Bank Trust deposits will transition to National Bank Trust or National Bank. National Bank has only announced that it won't keep the Canadian Western Bank Trust subsidiary around:
As of February 3, 2025, CWB Financial Group (CWB) has officially come together with National Bank of Canada (National Bank). This significant milestone marks the legal completion of the acquisition originally announced in June 2024. Our focus turns now to ensuring a positive experience as we fully integrate our two organizations.
…
Just as CWB Trust Services (CWT) was a subsidiary of Canadian Western Bank, National Bank Trust (NBT) is a subsidiary of National Bank. After extensive joint integration planning, we have decided that CWT clients will migrate to National Bank over time. With a positive client experience in mind, we plan to roll out migration in phases. We are committed to ensuring this transition is as smooth as possible and look forward to supporting you along the way.
In the coming months, you will either receive further communication from National Bank that welcomes you and introduces our combined organization, or your relationship manager will reach out to discuss the implications of the upcoming conversion and work with you to agree on a target date.
…
More info should be coming. The migration is scheduled to start soon:
| Wave 3 – Canada-wide | Late fall 2025 |
| Ongoing – Canada-wide | Starting fall 2025 |
2:16 pm
September 24, 2019
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I sure do hope they don't mess my accounts up.
Thing is as much as I have Registered and Non-Registered funds with Motive and CWB as well as Non-registered with CWT, I don't have an actual bank account with CWB/CWT. The tax free savings and all but one non-registered GICs are with Motive and I have a bank account with them. The RRIF's are with CWT and one lonely GIC with CWT. When purchasing with CWB & CWT, I have always went to CSR at the bank.
4:03 pm
April 6, 2013
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Motive is just a brand used by Canadian Western Bank. Those Motive-branded deposits are actually deposits with the same Canadian Western Bank as those Canadian Western Bank-branded deposits done in-branch.
That is a more complex client situation where client has two client profiles at Canadian Western Bank: A profile for the Motive-branded online-only deposits and another profile for the Canadian Western Bank-branded in-branch deposits.
Ideally, National Bank will recognize both Canadian Western Bank profiles as being for the same client during migration and combine the deposits from both profiles into a single new National Bank client profile.
At worst, client will end up with two National Bank client profiles that will need to be combined later.
I think one can help things by making sure the two pofiles have matching info, like matching name, address, date of birth, and SIN. No funny stuff like name "Alfred James Belfont" on the Motive accounts and "Fred James" on the Canadian Western Bank/Trust accounts!
4:37 pm
September 24, 2019
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Norman1 said
Motive is just a brand used by Canadian Western Bank. Those Motive-branded deposits are actually deposits with the same Canadian Western Bank as those Canadian Western Bank-branded deposits done in-branch.That is a more complex client situation where client has two client profiles at Canadian Western Bank: A profile for the Motive-branded online-only deposits and another profile for the Canadian Western Bank-branded in-branch deposits.
Ideally, National Bank will recognize both Canadian Western Bank profiles as being for the same client during migration and combine the deposits from both profiles into a single new National Bank client profile.
At worst, client will end up with two National Bank client profiles that will need to be combined later.
When I down load my statements of accounts, I do it from Motive on line. Motive has the Statement of Accounts for the RRIF's purchased at CWB as well as the Statement of Accounts for purchases through Motive. Both Statements have the same Customer No. However, there is no account information for CWT as they are are separate entity from Motive/CWB. The only "proof" I have is the "deposit Acknowledgement" This Acknowledgement has an account number on it. It States: This document is an Acknowledgement from Canadian Western Trust Company to the Depositor and for the amount shown......This Acknowledgement is for a CWT Guaranteed Investment Certificate.
I have never received any Statement of Accounts from CWT. I would pick up the matured GIC from CWB. CWB always sends out the Maturity Notice for CWT in my case at least.
I am sure you know all about this Norman....just saying how complicated it could get during the takeover.
5:17 pm
March 15, 2019
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I sure hope this merger goes better than the HSBC-RBC merger and provide the client (me and you) better service and products than what the merged RBC is offering.
6:21 pm
February 6, 2019
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dougjp said
That's what I experienced too however the linked account transfer still works, its just that they have a minimum transfer amount (might be $ 10-, can't recall).
I phoned them about it. They said just use Interac transfer to yourself for small amounts, and it worked with no fee.
I also wanted to get my account balances with them down to just pennies and then perform the transfer over to National when it happens, just to spectate. 😉
Thank you dougjp, I have less than $10 in my account. I will leave it alone, keep the account alive ... for now.
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